As a seasoned analyst with over two decades in the financial industry, I can confidently say that this past week has been nothing short of extraordinary for Bitcoin ETFs. The inflows we’ve witnessed are reminiscent of a gold rush, albeit digital gold. The sheer volume of funds pouring into these products is a testament to the growing confidence and acceptance of Bitcoin as a legitimate investment asset.
Over the last week, the environment surrounding Bitcoin ETFs has significantly improved, drawing in over $2 billion in total investments as net inflows increase.
This has become their best five-day trading period in this regard since mid-March.
Massive Inflows for BTC ETFs
This week saw a significant surge for the 11 U.S.-based Bitcoin ETFs, with several multi-month highs reached. For instance, BlackRock recorded its best day since July on Wednesday. The total net inflows surpassed $20 billion that day and continued to grow by the end of the week, currently standing at over $21 billion, as per Farside data.
Monday saw the most inflows out of the entire five-day trading period, with $555.9 million entering the funds. $371 million was poured in on Tuesday, $458.5 million on Wednesday, $470.5 million on Thursday, and a more modest $273.7 million on Friday. This brought the total net inflows value to $2,132.6 billion for the week, which makes it the most lucrative one since March 11-15, when the number was more than $2.5 billion.
On Tuesday, Wednesday, and Thursday, BlackRock’s IBIT fund was the top performer, with over $1 billion in net inflows by itself. Other funds that saw significant gains this week were Fidelity’s FBTC, which received $348 million, and Ark Invest’s ARKB, with $306.1 million.
During the entire week, there was no overall withdrawal of funds since Grayscale’s biggest fund experienced inflows on Mondays, Tuesdays, and Thursdays.
During this timeframe, the worth of the base asset significantly increased, climbing from $62,500 on Monday all the way up to a high not seen in months by Friday, reaching $69,000.
Ethereum ETFs See Some Demand?
Despite a relatively low level of enthusiasm since their debut in July, Ethereum ETFs have experienced some promising trading periods over the last five days. Excluding a net withdrawal of $12.7 million on Tuesday, the figures for Monday ($17 million), Wednesday ($24.2 million), Thursday ($48.4 million), and Friday ($1.9 million) were all positive.
As a result, the total net inflows amounted to $78.8 million during that particular week, marking the strongest flow since the period from August 5th through the 9th.
Over the last few days, the value of Ethereum (ETH) has experienced substantial growth, climbing from approximately $2,450 on Monday up to around $2,640 at present.
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2024-10-20 13:40